Debt includes all the money you owe. It can be credit card debt, student loans, mortgages, medical bills and car loans. Most Americans will carry some amount of debt, but sometimes the debt can get to be overwhelming. Learn here how to manage your debt and personal finances.
If you're serious about buying a house anytime soon, it's important to know whether you will qualify for a home loan. If you're saving money for a down payment, but paying credit card debt, you won't get yourself anywhere. Pay down those cards so you're debt-free when it's time to buy your home.
A couple is in debt and close to retirement. They need to stash away as much cash as possible to rebuild lost savings, pay off debt, and get into a position where they can retire. Since the husband traded a higher-paying job for a lower-paying one, they may have to wait several years before they build enough savings to retire.
Getting a tax refund from the IRS isn't much to brag about. If you're getting a tax refund from the IRS, you just gave the government an interest free loan by overpaying what you owed. There are some smart moves you can make with your tax refund from the IRS.
Homeowners received a large inheritance and aren't sure how to use it to pay down their debts. Paying off credit card debt is the first step. After the debt is paid off, you can start thinking of investments that are right for you.
One way to pay down credit card debt and avoid bankruptcy is to enroll in a debt management program through a credit counseling service. But before enrolling in a debt management program you should research the credit counseling agency who offers it and make sure that the credit counselors are educated and qualified. Learn what questions to ask before enrolling in a debt management program.
A home buyer is having trouble getting a mortgage due to student loans. Mortgage lenders decide how much of a mortgage you can afford based partly on your debt-to-income ratio. What lenders do is simple math. A conventional lender will allow you to spend up to 36 percent of your gross monthly income on your total debt payments (mortgage, insurance and other debt).
Many people who graduate from college have a lot of student loan and credit card debt. Which debts should recent college graduates pay down first? You should always pay off your highest, non-deductible debt first.